PITTSBURGH, Pa. – PNC Financial Services Group Inc. on Thursday reported $1.6 billion in income, as well as increased deposits and capital, in the fourth quarter of 2024.
PNC reported a net income of $6 billion and $13.74 diluted earnings per share in 2024. PNC reported $3.77 diluted earnings per share in the fourth quarter.
“PNC achieved strong results in 2024 while continuing to invest in the future of the franchise,” said Bill Demchak, PNC chairman and CEO. “We grew customers, deepened relationships, and continued to support all of our constituents. We generated record revenue and strengthened our capital levels. At the same time, we maintained our disciplined approach to expenses and delivered positive operating leverage. As we enter 2025, I have never been more excited about the opportunities in front of us to grow our franchise and deliver value for our stakeholders.”
Some highlights of PNC’s fourth-quarter report include a net interest income increase of 3% from the third quarter. Fee income decreased by 4% due to elevated residential mortgage and capital markets activity in the third quarter.
Other noninterest income was $175 million in the fourth quarter, while noninterest expense increased 5%, including $97 million of asset impairments and the benefit of an $18 million FDIC special assessment reduction. That led to a combined impact of $62 million after taxes.
The effective tax rate was 14.6%, which included income tax benefits of $60 million.
In the fourth quarter, net income increased 8%; average deposits increased $3.1 billion; and total revenue increased $135 million for a total of $5.6 billion.
Average loans for the quarter were stable, including $218.6 billion in average commercial loans and $100.4 billion in average consumer loans. Delinquencies were $1.4 billion, an increase of $107 million from the third quarter, which was primarily attributed to higher commercial loan delinquencies.
Net loan charge-offs were $250 million.
On Jan. 3, PNC’s board of directors declared a quarterly cash dividend of $1.60 per share of common stock, which will be paid Feb. 5 to shareholders at close of business Jan. 15.
The complete PNC report can be found HERE.